Research, discuss and deconstruct exploits at the code level -- maybe even make our own. The objective is to get a code level understanding of how it works and to get a feel for common techniques.
An engaged, participatory and fun atmosphere is of utmost importance.
Target audience is for the people who aspire to become super l33t established hackers (or something like that). That said, if you are truly l33t and want to share your skillz you are way more than welcome to join/participate.